Builders eye the rich, bank on penthouses

BHUBANESWAR: At a time when the majority of builders in the city are concentrating on creation of low cost houses to overcome the sluggish market, some prominent ones are coming up with luxury penthouses with price tag of above Rs 1 crore.

According to the builders, the city has plenty of unsold stocks of mostly middle-range housing units, priced about Rs 30 lakh-Rs 50 lakh, leaving scopes for new affordable houses and pent houses.

Z Estate, a housing project here, is planning to substantially increase the number of large penthouses, the lavish top floor independent apartments with luxury features such as spa and music room in its second phase of constructions soon.

"Apprehensive about the market response, we had created only about 12 in the first phase. All were booked quickly before the construction was over. There are several prospective buyers. In the next phase, we are planning to increase the number significantly, may be by two times," said Tapan Mohanty, managing director, Z Estate.

Mohanty said the buyers include a fair mix of non-resident Odias and neo-rich business class here.

Shamkunj Towers, an upcoming 14-storey project launched recently by Builders' Consortium, has four penthouses costing around Rs 1.28 crore each. Another 14-floor project, to be floated soon in Shankarpur by Srijagannath Builders, has proposed 12 such luxury apartments in its building plan submitted to theBhubaneswar Developemnet Authority. Each such unit would cost over Rs 1 crore.

"Developers are going for the extremes, either very low cost or luxurious ones. Just like there are very few dwelling units for lower income group, there are not enough for the rich looking for a lavish living," said Pradipta Biswasroy, president of Reda.

Market insiders said there would be around 100 penthouses under various stages of construction in the city.

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